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On April 9, 2020 the IRS issued Notice 2020-23, extending a variety of deadlines, including 1031 deadlines. The Notice extends any 45-day or 180-day deadline that occurs between April 1 and July 14, to July 15, 2020.

Here are two examples to illustrate the current extension.
Example 1: Exchange began April 5, 2020. 45th day is May 20,2020 which would be extended to July 15, 2020. Taxpayer must still close on replacement property by October 3,2020 which is the 180th day; because October 3, 2020 is after the last day of the disaster period (July 15, 2020).

Example 2: Exchange began December 31, 2019, 45th day is February 14, 2020. ID period is not extended because it is before April 1. The 180th day is June 28,2020 which would be extended to July 15, 2020.

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Testimonials

❝ Our Family of Companies uses Bill McNamara and the Curchin Group as our outside accountants and we have found them to be informed, thorough, accurate and timely in both their consultations and reporting. ❞

Walter (Rob) Earle

President, The Earle Companies

❝ I remember my father and George Curchin sitting around my dining room table putting together our company’s financials in the early 1950s. After 50 years, the numbers have changed, the faces have changed, but the quality of work and level of service that Curchin provides has remained the same. ❞